Virtual currency isn’t a geek dream anymore! Since the advent of Bitcoin, the crypto scene has boomed. There are more than 1500 coins in the market and each one of them is meant to solve a problem. Nexty is a relatively new market entrant with a promise for creating a Fintech Eco-system. Litecoin, on the other hand, is an old tried-and-tested virtual currency that is popular among users for carrying out smaller online payments. In this write-up, we are going to discuss the similarities and differences between Nexty and Litecoin.
Litecoin – LTC is a cryptocurrency that debuted in 2011. The concept of LTC was to create a virtual currency that could help with global payments bundling swift transfers and lower transaction fee. Litecoin is actually a fork of Bitcoin and that’s why it resembles BTC in many aspects. Litecoin has been in the crypto market for approx 7 years now. Most online exchanges have LTC pairs listed for day trading and general buying and selling. Also, there are a number of ecommerce stores where Litecoin is a listed method of paying for goods and services.
The main purpose of the LTC is to support and enable quick payments globally while keeping the transactions costs to a minimum. It has been developed primarily to resolve peer to peer payments and has its own network – The Lightening Network. The lightening network is meant to make the Litecoin transactions fast and reliable. However, in terms of scalability; the coin lacks tremendously. The lightening network can process up to 20 transactions / minute. This means that you can do some small transactions quick while for the bigger ones; the network might take some time.
On the other hand, Nexty – NTY is a fairly new alt coin. The main purpose of this altcoin is to make it a virtual currency of choice for the masses. In order to achieve this goal, the Nexty platform has been launched to create a Fintech Eco-system. This Eco-system will be built by new Ecommerce stores. The Ecommerce stores will be able to generate seed funding by using NTY platform. Also, the ecommerce stores will integrate NTY as a standalone payment gateway accepting NTY coins for selling goods and services online.
So what exactly makes NTY different from LTC?
There are many factors that distinguish the two coins. However, some of the key factors are: Zero Transaction Cost: The NTY offers peer to peer and peer to business transactions at no cost. As per the NTY’s development team, this has been achieved by implementation of a proprietary AI algorithm. On the other hand, LTC has a fee attached with all transactions. This fee is subject to change as per the network activity.
Extremely fast transfers: Another feature of the NTY coin is its very fast transfer speed. It takes 2 seconds to complete an NTY transfer. LTC is fast, but it’s not as quick as the NTY coin.
Scalability: The NTY platform can handle up to 2000 transactions / second. Contrary to this, the LTC transaction rate is a meager 56 transactions / second. This is indicative of the fact that the LTC isn’t scalable in terms of transaction handling.
These are some of the key similarities and differences between the LTC and NTY. Although the team behind Nexty is solid and has some very ambitious plans; the LTC is an established coin with listings on nearly every exchange. The NTY coin, for the time being, is only listed on IDAX crypto exchange.
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